Tether Co-Founder Says NFTs is a $10 Trillion Market in Metaverse Alone

Updated: Jan 27

Tether (USDT) co-founders William Quigley said there is a lot of room in the NFT market for Metaverse.

Tether Co-Founder Says NFTs is a $10 Trillion Market in Metaverse Alone
Tether (USDT) co-founders William Quigley | Image: Bloomberg

In an interview with Bloomberg, William Quigley stated that non-fungible tokens (NFTs) in metaverses will reach over $10 trillion.

Also, Quigley expressed his beliefs on the mass market possibilities of the NFT blockchain technology. He added,

“From a consumer-product standpoint, what’s interesting to me is not one NFT selling for $1 million, but a million NFTs being sold at $1 each. A brand-new business for digital collectibles. That seems to me to have longer legs and overall a bigger market.”

Note that besides Tether, he also started Worldwide Asset eXchange (WAX). WAX is a proof-of-stake (PoS) blockchain specializing in NFTs and also other areas of development.

Moreover, he thinks that the annual revenue from sales of NFTs available in metaverses will hit above $10 trillion, adding he foresees the market to be “orders of magnitude” bigger than the current aspect for virtual items in video games. Following this statement, he said,

“In video gaming, the revenue model now is virtual items, and that’s a $175 billion business annually. I think the metaverse should be orders of magnitude more than that because it’s everything, it’s not just gaming.”

What is more, Facebook is building a metaverse combined with its other products, where co-workers who live in diverse time zones could use virtual reality to communicate.